fbpx
Politics Foreign Affairs Culture Fellows Program

The Woke Fed?

Sen. Pat Toomey warns that the Federal Reserve banks are turning political
The Woke Fed?

They can ruin our universities, our media, our corporations, and our sports. But when they come for our money, they’ve gone too far. Right? Look:

Regional Federal Reserve Banks are taking an increasingly “alarming” stance on politically charged issues like racial justice, according to Sen. Pat Toomey, a Republican from Pennsylvania who is the ranking member of the Senate Banking Committee.

Federal Reserve banks in AtlantaBoston and Minneapolis recently dedicated resources to social policy, reflecting the political leaning of officials who are neither elected nor confirmed by the Senate.

The Federal Reserve’s mission statement mandates the central bank to achieve maximum employment and stable prices while being free from political influence. Experience has shown that countries with independent central banks achieve better outcomes for their citizens.

Pursuing a highly politicized social agenda unrelated to monetary policy is inflicting “reputational damage” on the Minneapolis, Atlanta and Boston Fed banks and the Federal Reserve as a whole, Toomey said.

More:

The three banks recently spearheaded a series that was participated in by all 12 regional banks, which centered on the belief that “racism forms the foundation of inequality in our society.”

The “Racism and Economy” series highlighted a number of topics, including structural racism in housing, education and labor markets.

Atlanta Fed President Raphael Bostic, who is the first Black Fed president, on Monday told Axios that should he become Fed chairman, he would steer the central bank toward economic inclusivity and equity.

Earlier this year he said there are “definitely merits” to reparations and called the changes to Georgia voting laws “troubling.” That came after last year he published a letter titled “A Moral and Economic Imperative to End Racism.”

The Minneapolis Fed, meanwhile, in its 2020 Annual Report renewed its commitment to dismantling systemic racism. Additionally, a report published by the Boston Fed in December 2020 said the deaths of George Floyd, Breonna Taylor and others were the result of the “racist roots of this country.”

This is jaw-dropping stuff. The green-eyeshade banking elite in charge of fiscal monetary policy are being captured by the woke. They are not supposed to be political, but they’re becoming political. They’re going to run this country into the ground in pursuit of their racist ideology. The moment the Federal Reserve starts talking seriously about reparations is the moment people start thinking and acting radically to protect themselves from their own government.

We are actively forgetting how to run a civilization. I was at a big dinner in Budapest tonight where people were talking about the gathering global storm. “Where can we go hide and be safe?” someone asked. The sense around my end of the table was: nowhere.

Advertisement

Comments

Become a Member today for a growing stake in the conservative movement.
Join here!
Join here